REC signs MoU with MMRDA to fund ₹30,483 crores for nine Mumbai Metro corridors

Naomi Pandya Posted on: 2022-10-26 07:10:00 Viewer: 8,594 Comments: 0 Country: India City: Mumbai

REC signs MoU with MMRDA to fund ₹30,483 crores for nine Mumbai Metro corridors

Mumbai, India (Urban Transport News): The Mumbai Metropolitan Region Development Authority (MMRDA) signed a memorandum of understanding (MoU) with REC Limited for the funding of Rs30,483 crores for the ongoing nine corridors of Mumbai Metro Rail projects in Mumbai Metropolitan Region (MMR).

According to MMRDA, the funding, which has been raised from REC Limited at the rate of 7.59% for the first time, will help to fast-track the metro rail work across the Mumbai Metropolitan Region.

"MMRDA has undertaken various ambitious metro line projects to weave a metro network in the Mumbai Metropolitan region to ensure smooth travel for Mumbaikars. Considering the ambitious nature of these projects, these projects require huge capital investment in the initial stage," said the official release.

The MoU was signed during the 153th annual board meeting of MMRDA at Mantralaya on 20th October 2022. It was chaired by the Maharashtra Chief Minister Eknath Shinde. “This will resolve the liquidity issues and help the authority to complete the ongoing projects speedily. Had this facility not been availed, we would have asked for loans from financial institutions or raised funds by monetising lands,” said SVR Shrinivas, Metropolitan Commissioner, MMRDA.

For 9 Metro Lines which are under various implementation stages by MMRDA, REC Ltd, a Government of India undertaking and a Maharatna Company under Ministry of Power has sanctioned in May 2022 a Loan of Rs. 30,483 crs (Rs. 14,434 crs towards Electrical & Mechanical and associated works and Rs. 16,049 crs or in principle for non Electrical & Mechanical work) was approved.

Apart from this, the board also gave a nod to the various infrastructure projects worth Rs17,215 crores in Mumbai, Thane, Navi Mumbai and parts of Mumbai Metropolitan Region. The permission was also given for the commence feasibility study and detailed project report for Mumbai Metro 9. MMRDA has approved the the proposal to handing over its land at Bandra Kurla Complex (BKC) for the under construction Mumbai-Ahmedabad High Speed Bullet Train corridor to National High Speed Rail Corporation Limited (NHSRCL). The transport development project with the cost of Rs 289 crores at Teen Haath Naka, Thane, was given the go-ahead in the board meeting. The proposal of Rs 143 crores for the Bhiwandi-Wada state highway was also approved by the MMRDA board.

Another proposal of a multi-storey parking lot with the estimated cost of Rs 81.53 crores was also approved by the MMRDA board. “The MMRDA should complete all these projects in a time-bound manner,” said Eknath Shinde.

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